HOUSING AND ECONOMIC RECOVERY ACT OF 2008
The Treasury Department has moved at record speed to implement one piece of the new American Recovery and Reinvestment Act of 2009 Act aka the stimulus act.
The Department and the Internal Revenue Service which will manage it announced on Wednesday, February 25, that forms and regulations are already in place for homebuyers who wish to claim the first-time credit enabled under the act.
The credit is available to homebuyers who purchase a home before December 1 of this year. In an effort to make the effects of the credit felt quickly in the economy, homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008 return due in April.
